With used car demand rising and pre-owned prices hitting record levels, it makes sense for dealers to be paying customers more than ever before for trade-ins. But one company is doing just the opposite, offering drivers a cash payout to keep driving their cars.
Quaker State recently rolled out the program, which promises to reward drivers with a guaranteed trade-in value once their car hits 300,000 miles - provided they've used the brand's motor oils. The trade-in value, which will be calculated based on Kelley Blue Book's "good" estimated value, is worth up to $3,000.
"As a brand, we want to stand for durability; we want to create programs that show us helping consumers get the most out of their vehicles," said Chris Hayek, Quaker State's global brand manager. "If you look at it, over 8 percent of vehicles on the road now have over 200,000 miles. Also, cars are made so much better than they used to be. They are lasting a lot longer."
And the motor oil company plans to use the program to highlight such durability - especially when consumers use its products. While Quaker State says it doesn't have to be the original owner who reached the 300,000-milestone, consumers interested in the trade-in value must have been using Quaker State products in the vehicle starting no later than the 100,000-mile mark. The company hasn't said how it plans to verify usage.
To support the new program, Quaker State is launching an advertising campaign featuring one customer who has reached 300,000 miles. Customers will also be able to enter their VIN number on QuakerState.com for their vehicle's specific oil change requirements. Ultimately, the program is part of Quaker State's Lubrication Limited Warranty, a 10-year/300,000-mile fully transferable warranty covering 15 engine parts.
"Motor oil is such a low-interest category and our concern is that what consumers feel for such products is that one brand is as good as another," added Hayek. "But we wanted a way to say 'thank you,' to embrace customers who are loyal to us."
Photo found at http://www.flickr.com/photos/daveseven/